For the Year Ended December 31, 2020 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flow from financing activities Cash at the beginning of the period Cash at the end of the period The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below GREAT ADVENTURES, INC Income Statement For the Year Ended December 31, 2020 Revenues Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) 541,000 116,000 657,000 Total revenues Expenses Cost of goods sold (watches) Operating expenses Depreciation expense Interest expense Income tax expense 69,000 304,176 49,000 29,624 56,400 Total expenses 508,200 Net income 148,800 GREAT ADVENTURES, INC Balance Sheets December 31, 2020 and 2019 Increase (1) 2020 2019 Decrease (D) Assets Current assets Cash Accounts receivable Inventory Other current assets 248,618 $137,000 $ 43,500 16,850 12,850 34,000 13,900 10,900 111,618 (I) 9,500 (1) 2,950 () 1,950 (1) Long-term assets: Buildings Equipment Accumulated depreciation 350,000 1,200,000 64,000 350,000 (1) 1,200,000 (I) 64,000 (74,000) (25,000) 49,000 () Total assets $1,861,818 $234,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $ 11,850 740 56,400 8,900 $ 2,950 () 18,900 () 452,368 (1) 740 37,500 29,500 30,000 128,160 Long-term liabilities Notes payable 481,868 Stockholders' Equity: Common stock Paid-in capital Retained earnings 130,000 1,105,500 152,460 (77,000) 100,000 () 1,105,500 (I) 24,300 (I) (77,000) (1) Total liabilities and stockholders' equity $1,861,818 $234,800 Additional Information for 2020: 1. Borrowed $490,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,632 2. Issued common stock for $1,200,000. 3. Purchased 11,000 shares of treasury stock for $14 per share 4. Reissued 5,500 shares of treasury stock at $15 per share. 5. Declared and paid a cash dividend of $124,500. Required Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method. (List cash outflows as negative amounts.)